Education Loan Interest Rates
ICICI Bank offers Education Loans tailored to your academic needs, with competitive interest rates and flexible tenures.
| Feature | Details |
|---|---|
| Interest Rates | Starting from <>%* onwards |
| Loan Tenure | Up to 10 / 12 years for undergraduate courses |
| Up to 12 / 14 years for postgraduate courses | |
| Maximum Loan Amount | Up to ₹ 2 crore for courses in India |
| Up to ₹ 3 crore for courses abroad | |
| Collateral Requirement | Fixed Deposit, Fresh Property, Cross-collateralisation with existing Mortgage Loans |
| Unsecured Loan | Available only for premier institutes; up to ₹ 1 crore for both undergraduate and postgraduate courses |
| Moratorium Period | Course period + up to 12 months as grace period** |
| Margin | No margin for premier institutes |
| 15% margin for institutes in other categories | |
| Margin can be Fixed Deposit / Scholarship / Initial fee paid to the institute |
*Interest rates are linked to the Repo Rate. Interest Rate: Repo Rate + Spread
**Note: Moratorium period will be offered basis the Bank’s policy and is not applicable to all loans.
Interest Rate Range for Education Loan (<Mon YYYY> - <Mon YYYY>)
| Type of Loan | Minimum Interest Rate | Maximum Interest Rate | Mean Interest Rate |
|---|---|---|---|
| iSMART Education Loan | 9.50% p.a. | 14.25% p.a. | 11.26% p.a. |
Fees and Charges
| Description of Charges | Charges Applicable |
|---|---|
| Loan Processing Fee (Non-refundable) | 1% to 2% of the Loan amount |
| Non-refundable charges under CERSAI# | ₹ 100 |
| Administrative Charges | ₹ 5,000 or 0.25% of the Loan amount, whichever is lower |
| Repayment Mode Swap Charges | ₹ 500 |
| Charges for Statement of Account | ₹ 200 for printout at Branch |
| Charges for Amortisation Schedule | ₹ 200 for printout, NIL for online |
| Charges for Pre-payment or Foreclosure Statement | ₹ 200 for printout at Branch |
| Charges for Duplicate No Objection Certificate (NOC) | ₹ 250 |
| Charges for Revalidation of NOC | ₹ 250 |
| Cash Transaction Charges | ₹ 100 (for cash repayment at the Branch) |
| Loan / Property Document Retrieval Charges | ₹ 500 |
| Loan Cancellation Charges |
|
| Conversion Charges | a. Switchover from floating to fixed interest rate: ₹ 3,000 b. Switchover from fixed to floating interest rate:
|
| Pre-payment Charges | 1. NIL for floating interest rate 2. Fixed interest rate:
|
| Penal Charges | 5% per annum on the overdue sum, from the due date to the payment date |
| Charges for Dishonour of Cheque / Default Charges | ₹ 500 |
| Charges for Non-Maintenance of Mode of Payment | ₹ 800 |
| Loan-Related Recovery Charges | At actuals for SARFAESI## proceedings, notices, enforcement, paper advertisements, repossession and security guard charges |
#CERSAI: Central Registry of Securitisation Asset Reconstruction and Security Interest of India
## SARFAESI: Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act